Ithaca Energy is looking to more than double its production in late 2015 when its North Sea Greater Stella Area development is due to come on stream.
The firm averaged 12,300 boe/d in 2014, according to a 2015 outlook published this morning, and expects base production to be around 12,000 boe/d in 2015, excluding the Stella development, which will itself add about 16,000 boe/d to the company's production when it comes on stream, with first production estimated for Q3.
However, first oil depends on the completion of modifications works on the FPF-1 semisubmersible floating production facility, being carried out by Petrofac at the Remontowa yard in Gdansk, Poland. The project has faced some delays - first oil had been anticipated for mid-2014. The FPF-1, previously used by Hess on the North Sea Ivanhoe and Rob Roy fields, is now due at the field this Spring, ready for hook-up.
Meanwhile, Ithaca is close to completing the Stella development drilling campaign, with drilling operations on the Stella Ekofisk development progressing and completion of the clean-up flow test period anticipated in February 2015, after which the ENSCO 100 jackup drilling rig will be demobilized.
Ithaca's 2015 capital expenditure is anticipated to total approximately US$150 million, a 60% drop compared to 2014, with two-thirds allocated to the Greater Stella Area.
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